4. Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain effective redress for violation of their rights.

Does the GOCC provide contact details via the company’s website or Annual Report which stakeholders (e.g. customers, suppliers, general public, etc. ) can use to voice their concerns and/or complaints for possible violation of their rights?

6. Stakeholders including individual employee and their representative bodies, should be able to freely communicate their concerns about illegal or unethical practices to the board and their rights should not be compromised for doing this.

a. Does the GOCC have procedures for complains by employees concerning illegal (including corruption) and unethical behavior?

Does the Annual Report contain a statement confirming the company’s full compliance with the code of corporate governance and where there is non-compliance identify and explain reasons for each such issue?

10. Timely filing / release of annual financial reports

a. Are the audited annual financial report / statement released within 60 days upon receipt from COA?

b. Is the Board Secretary trained in legal, accountancy or company secretarial practices?

26. Internal Audit

a. Does the company have a separate internal audit function?

b. Does the appointment and removal of the internal auditor require the approval of the Audit Committee?

27. Risk Oversight

a. Does the company disclose the internal control procedures / risk management systems it has in place?

b. Does the Annual Report disclose that the Board of Directors / Commissioners has overseen a review of the company’s materials controls (including operational, financial and compliance controls ) and rick management systems?

c. Does the company disclose how key risks are managed?

d. Does the Annual Report contain a statement from the Board of Directors or Audit Committee commenting on the adequacy of the GOCC’s Internal controls / risk management systems?

1. Satisfaction of all statutory liabilities, including the payment of all taxes due to the Government and declaration and payment of all dividends to the State as of the end of the applicable calendar year.

– An appropriation from the National Government of not less than P500Million annually for at least 5 years

– 70 % of 50% net income of the Duty Free Philippines accruing to the Department of Tourism

– At least 25% of the 50% National Government share remitted by the Philippine Amusement and Gaming Corporation (PAGCOR) to the National Treasury

– At least 25% of the National Government share remitted by the international airports and seaports to the National Treasury

Special Conditions:

– In NO CASE shall promotions and marketing activities receive less than 50% of the annual utilization of the Fund.

– Not more than 10% of the Fund shall be used for all the other administrative and operating expenses.

Special Contingency Fund – 10% of the allocation for promotions and marketing budget. This shall be used in the event of emergencies to provide the TPB with sufficient resources to undertake marketing and promotions activities that will encourage sustained tourism interest in the Philippines and that will address the adverse effects of these emergencies